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Trade Spotlight | What should investors do with MCX India, IndiaMART, KPIT Technologies and HEG?

Here's what Gaurav Sharma of Globe Capital Markets, recommends investors should do with these stocks when the market resumes trading today.

November 11, 2021 / 08:55 AM IST
 
 
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The market was rangebound for yet another session on November 10, finally closing with moderate losses due to selling pressure in FMCG, banks and IT stocks. The Nifty50 managed to hold the crucial 18,000-mark, down 27 points, and the BSE Sensex fell around 80 points to settle around 60,350 levels.

The broader markets also traded in line with benchark indices. The Nifty Midcap 100 index was down 0.44 percent and the Nifty Smallcap 100 index declined 0.09 percent.

Stocks that were in focus included Multi Commodity Exchange of India, which gained 5.21 percent to close at Rs 1,934.55, and IndiaMART InterMESH, the biggest gainer in the F&O segment, (rallied 5.33 percent to Rs 7,597.35). KPIT Technologies was also in action, hitting a fresh record high of Rs 410 before closing with 7 percent gains at Rs 399.60. HEG, too, saw huge buying interest, rising 9.89 percent to close at Rs 2,252.25.

Here's what Gaurav Sharma of Globe Capital Markets, recommends investors should do with these stocks when the market resumes trading today:

MCX

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It is well placed on short as well as long term charts. It was quite volatile in recent past but has reversed sharply after taking support from its 100/200 EMAs (exponential moving average).

The recent rise was accompanied by good amount of volume. This is quite a positive development indicating buyer’s interest at current levels.

Considering all, we recommended buying/holding the stock with a stop below Rs 1,600 for targets close to Rs 2,100-2,200.

IndiaMART InterMESH

The stock is exhibiting fresh breakout on daily chart after consolidating in range Rs 7,100-7,450 for past couple of weeks around its 200 EMA levels. Positional traders can start accumulating it as it is trading very close to its important supports i.e. Rs 6,850, which should be the stoploss levels as well.

We firmly believe, sustenance above Rs 8,000 will be the key for further up move till Rs 9,000-9,500 levels in weeks to come.

KPIT Technologies

It has posted fresh breakout from rectangle pattern formed on the daily chart having width of 80 points (Rs 300-380), the upside target of the same comes out to be close to Rs 460 levels.

Positional traders can utilize dips to add further as stock is likely to trade with bullish bias in the short to medium term. Stop below Rs 360 must be maintained for short term positions.

HEG

After witnessing steep sell off from Rs 2,600 till Rs 1,940 levels in just couple of sessions, the stock has bounced back sharply on November 10. The reversal came in after consolidating near its 200 EMA for past couple of sessions, this is a sign of strength.

Going ahead, we see it retesting its previous peaks i.e. close to Rs 2,600 levels. Short term traders must maintain stop below Rs 1,950.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Sunil Shankar Matkar

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